The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Welcome to News Bites, BoF's regular compilation of the stories that have got the industry talking.
Avenue 32 facing challenges, puts itself up for sale.
The online luxury retailer founded eight years ago by Roberta Benteler is offering itself for sale after a “strategic review of the business earlier this year,” according to a statement from the company. According to market sources, the company was underperforming.
“Upon the conclusion of the sales process, I look forward to perusing individual projects and continuing to work with the innovators of this ever-inspiring category,” said Bentler. Known for championing emerging designers, Avenue 32 now operates mostly on a wholesale model and brought on Liberty head of fashion buying and merchandising Stephen Ayres as fashion director in 2015.
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The news comes amidst a luxury e-commerce market that is growing fast, but becoming increasingly crowded and competitive, as new entrants like LVMH's 24 Sèvres prepare for battle with major platform players like Farfetch, traditional e-tailers like Yoox Net-a-Porter and Matches Fashion, and luxury incumbents like Neiman Marcus. The portion of personal luxury goods purchases that happen online — now about 7 percent of total — is expected to hit 20 percent by 2025, according to Bain & Company. — Chantal Fernandez
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The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.
The company is in talks with potential investors after filing for insolvency in Europe and closing its US stores. Insiders say efforts to restore the brand to its 1980s heyday clashed with its owners’ desire to quickly juice sales in order to attract a buyer.
The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.